Royal Bank of Canada Cuts 4D Molecular Therapeutics (NASDAQ:FDMT) Price Target to $39.00

4D Molecular Therapeutics (NASDAQ:FDMT) had its price target cut by Royal Bank of Canada from $40.00 to $39.00 in a report released on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

Several other brokerages also recently commented on FDMT. BMO Capital Markets decreased their target price on shares of 4D Molecular Therapeutics from $63.00 to $40.00 and set an “outperform” rating on the stock in a research note on Thursday, July 18th. Chardan Capital upped their target price on shares of 4D Molecular Therapeutics from $38.00 to $39.00 and gave the stock a “buy” rating in a research note on Thursday, September 19th. HC Wainwright restated a “buy” rating and set a $36.00 price objective on shares of 4D Molecular Therapeutics in a research report on Thursday, September 19th. Leerink Partners reaffirmed an “outperform” rating and set a $36.00 price objective (down from $40.00) on shares of 4D Molecular Therapeutics in a research report on Thursday, September 19th. Finally, Cantor Fitzgerald cut shares of 4D Molecular Therapeutics from an “overweight” rating to a “neutral” rating in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, 4D Molecular Therapeutics presently has an average rating of “Moderate Buy” and an average price target of $47.00.

4D Molecular Therapeutics Stock Performance

4D Molecular Therapeutics stock opened at $8.83 on Thursday. The stock has a market cap of $408.21 million, a P/E ratio of -3.10 and a beta of 2.82. 4D Molecular Therapeutics has a fifty-two week low of $7.32 and a fifty-two week high of $36.25. The firm’s fifty day moving average price is $10.30 and its 200-day moving average price is $17.03.

Hedge Funds Weigh In On 4D Molecular Therapeutics

A number of hedge funds and other institutional investors have recently modified their holdings of FDMT. Price T Rowe Associates Inc. MD boosted its holdings in shares of 4D Molecular Therapeutics by 6.0% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 23,952 shares of the company’s stock valued at $764,000 after purchasing an additional 1,356 shares during the last quarter. Principal Financial Group Inc. boosted its stake in 4D Molecular Therapeutics by 9.6% during the second quarter. Principal Financial Group Inc. now owns 21,034 shares of the company’s stock valued at $442,000 after buying an additional 1,849 shares during the last quarter. Algert Global LLC boosted its stake in 4D Molecular Therapeutics by 20.6% during the second quarter. Algert Global LLC now owns 16,588 shares of the company’s stock valued at $348,000 after buying an additional 2,828 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in 4D Molecular Therapeutics by 702.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 3,457 shares of the company’s stock valued at $110,000 after buying an additional 3,026 shares in the last quarter. Finally, California State Teachers Retirement System increased its stake in 4D Molecular Therapeutics by 12.6% in the 1st quarter. California State Teachers Retirement System now owns 28,490 shares of the company’s stock worth $908,000 after acquiring an additional 3,197 shares during the last quarter. Institutional investors own 99.27% of the company’s stock.

About 4D Molecular Therapeutics

4D Molecular Therapeutics, Inc, a clinical-stage biotherapeutics company, develops genetic medicines using its therapeutic vector evolution platform in the Netherland and the United States. The company develops a portfolio of genetic medicine product candidates focuses in three therapeutic areas for ophthalmology, cardiology, and pulmonology.